And Network Ten and Fremantle Media are searching all over Australia and the UK for one talented singer to record the new version.

From the thousands of entrants expected, 10 finalists will be chosen - five from Australia and five from the UK.

The shortlist will be announced on March 18.

The finalists will then have their renditions of the theme song played during the opening credits of the show. At the end of the week viewers will vote for the best Australian and UK version through an online poll.

The final two singers will then face-off in front of a panel of music industry experts who will choose the winner.

"Forget the Ashes, this will be the real competition between Australia and the UK, as Neighbours has a devoted following in both countries," said Neighbours Executive Producer Richard Jasek.

The iconic Australian drama has been the launching pad for some of the nation's biggest names in show business, including Kylie Minogue, Guy Pearce, Natalie Imbruglia, Delta Goodrem, Jason Donovan and Jesse Spencer.

The new official version of the Neighbours theme song will be heard on air from April 15.